Medicare Part D out-of-pocket prescription drug costs can add up. If you are looking for ways to reduce your out of pocket spending and came across a drug discount plan called GoodRx you may be wondering, “Can you use GoodRx if you have Medicare Part D?” Keep reading to find out if it’s possible and other ways you can lower prescription drug cost with Medicare Part D.
What is GoodRx?
GoodRx is a discount drug program that searches for the lowest price prescription drugs in your area. They also offer manufacturer drug discount coupons when available. GoodRx is not prescription drug insurance and does not replace your Medicare Part D prescription drug plan.
Can you use GoodRx Coupons with Medicare Part D?
GoodRx Coupons and Medicare Part D cannot be used in conjunction. This is due to a federal government statute, also known as “anti-kickback”, that prohibits Medicare beneficiaries from using manufacturers or discount drug coupons with their drug plan. However, you can use GoodRx in place of your prescription drug plan.
GoodRx Vs. Medicare Part D
While GoodRx can be a helpful tool to save you money on some of your prescription medications it is not a replacement for a Medicare Part D prescription drug plan. Here’s why.
Medicare Part D provides different stages of coverage. One of the most important and valuable stages is the catastrophic coverage stage. During this stage, your prescription drug costs dramatically decrease once you hit a certain out-of-pocket threshold for the year. This provides extra protection against astronomical out-of-pocket drug spending for specialty drugs like cancer medications, multiple sclerosis medications, and more.
GoodRx is also not considered creditable coverage. Therefore if you decide to skip enrolling in Part D in favor of GoodRx or another prescription drug discount program you will have to pay a late enrollment penalty once you decide to enroll in Medicare prescription drug coverage. The late enrollment penalty is a permanent fee that is added to your monthly prescription drug premium. The penalty remains in place for as long as you have prescription drug coverage through Medicare.
GoodRx and Medicare Part D should not be looked at as a one or the other situation. Since GoodRx is a free program you can use it for situations in which it makes sense. Keep in mind though, when you use a discount drug program instead of your Medicare Part D coverage you are not paying anything towards your Part D deductible. For many plans, the Part D deductible must be met before your Part D plan pays its share.
Other Ways to Lower Prescription Drug Costs
If cost is a big concern for you there are ways to reduce your out of pocket costs with Medicare Part D. Here are few ways you can lower your prescription drug spending:
- Choose generic drugs when possible
- Order a larger supply through a mail-order pharmacy
- Ask your Doctor for solutions to switching to lower-cost drugs
- Apply for Extra Help
- Avoid paying the permanent late enrollment penalty by enrolling prescription drug coverage when you are first eligible.
Concerned about prescription drug costs? Speak with a licensed independent insurance agent to discuss your options for coverage that meets your financial needs!